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Fly News Breaks for July 1, 2016
PLD
Jul 1, 2016 | 07:22 EDT
Oppenheimer analyst Steve Manaker raised his price target for Prologis to $57 from $51. While the company's stock has "modestly underperformed" since the Brexit, the analyst does not think the vote will impact Prologis' European assets, given the importance of improving logistics chains to match those of dominant Internet retailers. Manaker sees the sell-off as unwarranted, and expects the low interest rate environment to cause cap-rate rates to fall further, propelling real estate valuations. Oppenheimer has an Outperform rating on the shares.
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